AgentMarkets & Economy

Redfin’s November report shows price and sales leaps in DC

DC market lit up in November
  • Prices and sales jumped in DC by a lot in November 2015.
  • Prices in the DC metro gained very slowly, as did sales.
  • November's price gain of 15.9 percent is the best this year.

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The median price of a home in DC is now above half a million dollars, according to tracking by Redfin. Even though supply remains skimpy in both DC proper and the larger metro, sales were up year-over-year; and DC saw the largest gain in that metric for all of 2015 tracked thus far. In year-over-year numbers, DC home prices rose 7.7 percent in November, and the metro area saw lift of 1.4 percent. Redfin analysts comment in the report that sales increases have gradually been losing steam over the course of 2015. The median price in DC is $527,500; for the metro, it is $360,000. The gain in sales in DC was nearly 16 percent. Across the DC-MD-VA region that comprises the metro, sales rose 7.8 percent. Compared month-over-month and year-over-year, many DC stats bounce all over the charts. Homes sold in October 2015, for example, were off by more than 10 percent year-over-year. Median sale price only gained by a hair year-over-year in October. And, last November’s p...